Date 03.08.2026
NIFTY OUTLOOK: 24383.6 FII 277.48 cr DII 2260.37 cr
(3rd AUG – 7th AUG 2026)
As we discussed in the previous report dated 27th July 26 market behaviour remained on the expected lines during the week passed by as positive bulls has successfully defended the immediate supports formed by opening bullish gap which gave rally to nifty which begins near from our level 23926 i.e. week opened with 23928.4 and it rally upto weekly high of 24429.4
Further a bullish candle appeared on weekly chart of nifty suggest counter attack of bulls and it get back the control from bears, nifty reached near to its previous resistance and hence if nifty will get supportive buying and successfully taken out 24543 then it may rally upto 24705 to 24863. If more demand will accentuate then it may have chances to test 25023.
Furthermore nifty near to upper end of consolidation running from almost past one and half months may act as resistance and in past three weeks shift of controls from bulls to bears and back to the bulls were observed near the resistance on weekly chart of nifty. This behaviour of counter change in control suggest that if bears will re strike and take the control may drift down the nifty upto 24224 to 24063. If failed to defend these supports then it may slide further upto 23905 to 23745.
Bank Nifty OUTLOOK:
SPOT: 57264.85 Pcr: 0.85 Max Ce OI on 58000 & Max Pe OI on 58000
On July 31, 2026, a Bank Nifty index was closed at 57264.85 (117.35) (0.21%). The total movement in the index was 271.65 during the trading session. The index made a high of 57411.25 and a low of 57139.60.
Technical view:
Important support and resistance level of Bank nifty are 57060 and 57465 respectively.
Intraday Support and resistance level of Bank nifty are 57190 and 57340 respectively.
The Relative Strength Index (RSI) for the Nifty Bank index at 50.5. Below 30 is considered oversold and above 70 overbought.
Bank nifty Day SMA Analysis
Bank nifty is trading above 5 out of 8 SMA’s (5, 10, 50, 100, 150 Day).
Bank nifty is trading below 3 out of 8 SMA’s. (20, 30, 200 Day)
Two Bullish active Candlestick Pattern was identified in bank nifty on daily chart.
- Spinning Top Uptrend
- Long Legged Doji Uptrend
Important Pivot Point Levels for Today
Nifty
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 24182.7 | 24241.2 | 24312.4 | 24370.9 | 24442.1 | 24500.6 | 24571.8 |
Bank Nifty
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 56860.9 | 57000.25 | 57132.55 | 57271.9 | 57404.2 | 57543.55 | 57675.85 |
By Ashok Bhandari (RA)
SEBI Regd. No. INH00019549
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